DNO International, an Iraq-focused oil producer with Ras Al Khaimah-based ownership, announced record operating revenues of Dh1.8 billion against an operating cash flow of Dh1.05bn.
Operating profit stood at Dh350.8 million, with the company citing one-off charges hindering the delivery of higher profit.
“2013 was a banner year for the company marked by several milestones, including great success from horizontal drilling at the Tawke field in Iraqi Kurdistan,” said Bijan Mossavar-Rahmani, DNO’s executive chairman. “We have an aggressive work programme planned for 2014 to drive up production and delivery capacity in existing fields while testing exploration prospects across the portfolio.”
Oil and gas production during the year rose to 39,170 barrels of oil equivalent per day (boepd) up from 38,354 boepd in 2012.
Production from its flagship Tawke field climbed to 155,000 barrels per day by the end of 2013 and is slated to reach 270,000bpd by the end of this year, with the completion of new horizontal wells.
The company, whose merger with the UAE’s RAK Petroleum was completed in 2011, has had its finances suffer from the political dispute over oil rights between the Kurdistan and central governments in Baghdad.
Angered by the production-sharing agreements that Erbil has signed with a string of international oil companies, Baghdad has withheld the bulk of the payments these companies are owed. The dispute has repeatedly led to a stop to exports from the autonomous region. In the first quarter of last year, DNO’s profits dropped to Dh107m after its share of production at Tawke declined by more than a quarter, as exports came to a halt.
DNO was the first foreign company to move into the semi-autonomous region after the second Iraq war, and it has been followed by UAE companies such as Abu Dhabi National Energy (Taqa) and Dana Gas, the Sharjah fuel producer.
A dispute between Iraq’s Kurdish region and Dana Gas over alleged non-payment of revenues has escalated amid a breakdown in trust between both parties. A tribunal was formed this month for Dana Gas’s international arbitration case against the Kurdish regional government.
ascott@thenational.ae
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Points classification after Stage 4
1. Arnaud Demare (France / FDJ) 124
2. Marcel Kittel (Germany / Quick-Step) 81
3. Michael Matthews (Australia / Sunweb) 66
4. Andre Greipel (Germany / Lotto) 63
5. Alexander Kristoff (Norway / Katusha) 43
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
A general guide to how active you are:
Less than 5,000 steps - sedentary
5,000 - 9,999 steps - lightly active
10,000 - 12,500 steps - active
12,500+ - highly active
RESULT
Leeds United 1 Manchester City 1
Leeds: Rodrigo (59')
Man City: Sterling (17')
Man of the Match: Rodrigo Moreno (Leeds)
The figures behind the event
1) More than 300 in-house cleaning crew
2) 165 staff assigned to sanitise public areas throughout the show
3) 1,000+ social distancing stickers
4) 809 hand sanitiser dispensers placed throughout the venue
